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No two paths towealthare entirely alike.
But you might learn a lot from following other peoples journeys.
Take, for example, money influencer Delyanne Barros.
Her path to wealth included three key steps.
Heres how it’s possible for you to implement her threesteps to get you ahead financially, too.
She could have quit that job and lived off her self-employment earnings sooner than she did.
Barros stayed at the job for six more months, waiting until she made more from her side hustle.
More than a third of U.S. adults now work jobs on the side.
The average person from this group earns $891 a month not enough to live on.
Barros story is a good reminder not to quit your day job too soon.
That can cause financial stress and challenges that put your ultimate goals further out of reach.
Avoid Lifestyle Creep
Barros also made a point of avoiding lifestyle creep.
She says she kept her lifestyle the same, even after earning seven figures for two years.
Lifestyle creep happens when your spending increases with your income.
Its easy to pay more for nights out, luxury goods and other wants when earning extra money.
But doing so stops you from building wealth.
It can also encourage debt.
The average American consumer is now $104,215 in debt.
you’ve got the option to keep your number as low as possible by avoiding lifestyle creep.
That takes discipline, but its an effort worth making, as Barros story shows.
Index funds are equities that track the performance ofsome broader sector.
Barros is far from alone in recommending this investment strategy.
Warren Buffet swears by index funds and for good reason.
Over the last 20 years, the S&P 500 has producedaverage annual returnsof 10.473%.
You may lose money in any given year.
However, broad market indexes like the S&P 500 have historically increased over time.
This means they can help you build wealth faster than storing extra earnings in a savings account.
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